Of course, in a rising inflationary regime, "investing"
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False choice. Need to save to have money to invest... Now, if the question is really whether to keep money in savings account or invest in securities, answer is still sort of both... One then the other. Typical heuristic is to aim for 6-12 months expenses in cash/cash equivalents and invest the remainder according to your ability and willingness to take risk.
Otherwise the risk is an emergency/layoff comes up and you have to sell investments and, depending on jurisdiction, pay capital gains tax on top of the original unexpected expenses